The U.S. economic slowdown finally showed up in the jobs number in April, with a rising unemployment rate, weak job growth and a falling number of hours worked.
Nonfarm payrolls rose just 88,000 in April. That's the weakest job growth in 29 months. Payrolls have grown by an average of 129,000 per month so far this year, down from 189,000 last year.
The unemployment rate rose to 4.5% from 4.4%. Unemployment grew by 77,000 to 6.8 million.
The average workweek declined, and total hours worked in the economy dropped by 0.4%.Average wage growth was tepid, rising just 4 cents to $17.21, a 0.2% gain. Wages are up 3.7% in the past year.
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